Thursday, April 30, 2009

Employment insurance benefits should be boosted as the 387,000 full-time jobs lost by the Canadian economy in the current downturn could be just the tip of the iceberg, an economic research group says in a report released Wednesday.

The Canadian economy was late being hit by the global recession, but the force has been unparalleled since the Second World War, according to the report from the Canadian Centre for Policy Alternatives.

Several travel companies cancelled flights and vacation packages to Mexico Tuesday, citing the growing outbreak of swine flu in that country.

Among the cancellations:

Transat AT postponed all planned flights to Mexico through to June 1.Sunquest cancelled its holiday packages to Mexico until June 4.Carnival Cruise Lines suspended all stops at Mexican ports, effective immediately.Sunwing is delaying all departures to Mexico until May 29.Air Canada and Air Canada Vacations suspended all operations to Cancun, Cozumel and Puerto Vallarta, Mexico, until June 1. The airline will maintain its flights to Mexico City.WestJet and WestJet Vacations will stop service to Cancun, Cabo San Lucas, Mazatlan, and Puerto Vallarta, Mexico, effective May 4.

Quantitative easing is a term used to describe a process whereby central banks "print" more money (money is generally created electronically these days) and use it to buy assets such as government and corporate bonds held by commercial banks and other financial institutions. Buying the bonds decreases their supply in the market and pushes up prices, which in turn drives down yields or interest rates. Since bond yields are used to set long-term interest rates for mortgages and most business lending, this should have the effect of reducing the cost of borrowing. By selling the bonds, the financial institutions get an infusion of cash that enables them to lend more money and help generate economic activity.

German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.

Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."

Under the deal, Daimler will:

Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.

German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.

Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."

Under the deal, Daimler will:

Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.

German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.

Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."

Under the deal, Daimler will:

Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.

German automaker Daimler has stepped closer to completely extracting itself from its ill-fated investment in Chrysler, the company said Monday.

Daimler said it reached a deal with Chrysler, Chrysler's controlling shareholder, Cerberus Capital, and the U.S. government's Pension Benefit Guaranty Corporation "covering issues still pending between the parties."

Under the deal, Daimler will:

Forgive loans Chrysler owes it, and have its 19.9 per cent equity stake in Chrysler redeemed.Pay $200 million US a year into Chrysler’s pension plans for the next two years, but get out from under a $1-billion loan guarantee to the pension guaranty company.

An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.

An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.

An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.

An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.

An airline passenger wearing a face mask arrives from Mexico at the airport in Barcelona, Spain, Monday. Health authorities in several countries are advising people not to travel to Mexico. (Manu Fernandez/Associated Press)Health Canada says it is considering issuing an advisory against non-essential travel to Mexico following news of the swine flu outbreak there, but so far has not done so.

The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.

The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.

"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.

The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.

The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.

"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.

The Quebec government is offering AbitibiBowater loan guarantees worth up to $120.6 million as a temporary measure to help the company with its effort to restructure while under bankruptcy protection.

The loan was announced Friday morning by Natural Resources Minister Claude Béchard and Economic Development Minister Raymond Bachand.

"What is important today, and for the next few months, is that the company continues to operate because, if the company continues to operate, the pensioners get their cheque and the employees get their salary cheque," Bachand said.

The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.

The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.

Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.

The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.

The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.

Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.

The Bank of Canada on Tuesday lowered a key lending rate again as the central bank reduced its economic outlook for 2009 and 2010.

The bank reduced the overnight rate by one-quarter of a percentage point to 0.25 per cent, which the bank said is the lowest effective rate. The lending rate will remain at the level until the middle of 2010 — depending on inflation rates — as the Bank of Canada tries to get the economy moving.

Signalling that it plans to put the trend-setting rate on hold for more than a year is an unprecedented move for the central bank, said TD Bank economist Don Drummond.

Wednesday, April 22, 2009

The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.

"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."

He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.

The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.

"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."

He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.

The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.

"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."

He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.

The federal and Quebec plan to set up a committee to study the province's forest industry has drawn a sharp rebuke from the Forest Products Association of Canada.

"Four weeks of bureaucrats talking to each other is not what we anticipated," Avrim Lazar, president and CEO of the association, said Monday. "The forest industry in Canada can't wait around for more discussion about what governments need to do."

He was reacting to the federal-Quebec announcement Monday that senior government officials will form a committee to report by May 15 on initiatives to help Quebec forest industry communities.

Tuesday, April 21, 2009

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

Senior executives at Chrysler fired a warning shot at the Canadian Auto Workers on Friday, just days before the two sides are to resume negotiations on a labour deal.

In a letter to employees signed by company chairman Robert Nardelli and president Tom LaSorda, Chrysler said the "clock is running."

"Without labour concessions, Chrysler Canada's manufacturing operations will not survive long-term," read the letter. "Thousands of good-paying jobs are in jeopardy, as well as the economic health of communities such as Windsor and Brampton."

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.

Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.

The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.

The mood among Americans might finally be turning sunnier after months of economic worries, according to a series of polls conducted by the Gallup organization this week.

For the first time in at least eight months, U.S. adults are less worried about money, believe the economy has halted its deterioration and are more optimistic about their own personal circumstances, Gallup polls suggested.

Those findings were contained in a group of continuing surveys Gallup conducted this week on the sentiment of American men and women.

An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.

An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.

Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.

Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.

The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.

An Alberta investment manager linked to the provincial government has come to the aid of a prominent oilfield service company, buying $280 million worth of debt and equity in Precision Drilling Trust of Calgary.

The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.

The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.

The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.

Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.

Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.

The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.

The Canadian union is under pressure from the company, governments and Chrysler's potential partner, Fiat, to slash salary and benefit costs by $19 an hour per employee from the current $76.14 to compete with Canadian non-unionized car plants.

Asset manager Counsel Corp. said Friday that its equity investment arm is part of a group that has bought Polaroid Corp., the U.S. company that once made instant cameras.

Knight's Bridge Capital Partners is part of a group that bought Polaroid out of bankruptcy for $87.6 million US. A Knight's Bridge fund put up more than 30 per cent of the money to close the deal, Counsel said in a news release.

The group is headed by Gordon Brothers Brands LLC of Boston and private equity firm Hilco Consumer Capital L.P. of Toronto, Hilco said. A U.S. bankruptcy court approved the sale of substantially all of Polaroid's assets, including the brand, intellectual property and inventory.

Sunday, April 19, 2009

For many Canadians, the notion that they will get their pension cash when they retire is right up there with death and taxes on the scale of inevitable events.

After all, one reason some people stay at a dead-end job or remain at their private sector post well beyond retirement age is so that they will receive a decent monthly stipend in their "golden years."

But, that expectation — of a cheque getting deposited every month into one's bank account — is now in jeopardy.

Saturday, April 18, 2009

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Friday, April 17, 2009

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

Sunwing Airlines has been told it cannot operate a Sydney-to-Toronto route this summer as it has the past three years.

The Sydney Airport Authority has shelved the discount airline's run, saying there isn't enough business for three airlines to fly the same route this season.

Larry MacPherson, airport authority CEO, said the decision will benefit Cape Breton in the long term.

"If I'm going to bring in airlines and say I really don't care if you make a profit or not, and the citizens of Sydney get a cheaper ticket for a month or six weeks but then I lose that service, then I haven't served my community very well," said MacPherson.

U.S. store sales took a surprising dive in March, figures released Monday show, with even retailing behemoth Wal-Mart Stores Inc. posting lower-than-expected numbers for the month.

Retail sales fell 1.1 per cent, according to the U.S. Commerce Department. Economists were expecting a modest 0.3 per cent gain for March.

The slide marked the first month in 2009 in which retail sales fell. The revised February figure showed an increase of 0.3 per cent; the preliminary results for that month had initially indicated a decline of one-tenth of a percentage point.

The U.S. government is directing General Motors in preparations for a quick "surgical" bankruptcy filing with a June 1 deadline, the New York Times reported Sunday, citing unnamed sources.

The newspaper said the filing is being prepared in case the automaker cannot reach a deal with its debt holders to convert $28 billion US in current debt into equity in the company, and reach a deal on concessions with the United Auto Workers.

Members of U.S. President Barack Obama's automotive task force are due to meet with GM this week, following meetings and conference calls last week.

Sunday, April 12, 2009

Unionized workers at Wal-Mart in St-Hyacinthe, Que., now have a collective agreement.(CBC)It took nearly four years, but unionized workers at a Quebec Wal-Mart store now have their first collective agreement, a first in North America.

The average price of a two-storey home fell 6.5 per cent to $379,636, compared to the first quarter in 2008, the company said. Percentage drops for detached bungalows and condominiums, which are both cheaper than two-storey homes, fell even less.

In another sign of the global recession, a pair of Canadian communications companies posted flagging earnings Thursday while a third indicated that fewer people subscribed for its wireless phone service.

Cogeco Inc. took a big writedown on its Portuguese cable subsidiary in the quarter ended Feb. 28, a move that turned the cable and internet provider's operating profit into a huge bottom-line loss.

Meanwhile, Montreal-based Astral Media Inc. managed to post a net profit of $28.95 million for the second quarter, also ending on Feb. 28. But, the specialty television and radio company saw those earnings tumble more than 50 per cent compared to a year earlier.

Friday, April 10, 2009

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.

Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

Exports of machinery and equipment and automotive products accounted for almost three-quarters of the gain in exports in February. The volume of exports shipped grew by seven per cent, while prices declined 1.7 per cent.

The Montreal-based company, which makes Mega Blocks and other children's toys, lost $323.3 million US, or $8.83 a share for the final three months of 2008. That was compared to a smaller loss of $66.2 million, or $1.81 a share for the same period one year earlier. (Mega Brands reports all financial figures in U.S. dollars.)